The Minority in Parliament has welcomed the recent Staff Level Agreement reached between the International Monetary Fund (IMF) and the Government, stating that the development is a clear vindication of the economic management record of the previous New Patriotic Party (NPP) administration.
In a strongly worded statement signed by Member of Parliament for Karaga and Ranking Member on the Finance Committee, Dr. Mohammed Amin Adam, the Minority rejected assertions made by President John Mahama that the previous government had “criminally mismanaged” the economy and breached the IMF programme.
According to him, the Staff Level Agreement—reached after the IMF’s fourth review of Ghana’s programme—demonstrates that many of the critical targets were, in fact, met under the previous administration.
“It must also be noted that reaching a Staff Level Agreement has vindicated the previous NPP government contrary to the new government’s assertion that the programme had been breached and “the economy criminally mismanaged” in the words of the President of the Republic,”‘ he stated.
The agreement, once approved by the IMF Executive Board, will trigger the release of $370 million in funding to support Ghana’s economy.
He further pointed to the IMF’s revised assessment of key economic indicators. Ghana’s economy grew by 5.7% in 2024, outperforming both the original target of 3.1% and the revised target of 4%. In addition, gross international reserves rose to $8.9 billion, while the debt-to-GDP ratio improved significantly—dropping from 82% at end-2022 to 61.8% at end-2024.
The Minority also criticised the current administration for what they described as politically motivated claims about missed IMF targets.
They argued that while some indicators like inflation and accumulated payables did miss their targets, these shortfalls were not severe enough to collapse the programme.
“Minister of Finance, the Hon. Ato Forson, declared during the 2025 budget presentation that the previous government had breached the IMF program because it missed the targets for the primary fiscal balance, payables and inflation.
“The Staff Level Agreement has proven that many of the targets had been met; and missing these few targets could not collapse the programme as the new government tried hard to communicate in furtherance of its propaganda objective.”
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